January, 2023
The BT Multi-Manager International Shares Fund returned 2.87% in January, underperforming the MSCI World ex-Australia Index by 0.10%. Global equities rallied in January as disinflationary economic signals led to optimism that a peak in the Federal Reserve Target Rate was approaching. Benchmark performance was driven by large cap US technology names, which continued to rebound from lows reached in 2022. Against this background, T. Rowe Price was the top contributor to relative performance.
The strategy seeks out companies with prospects for accelerating returns on capital. Strong stock selection particularly in US Information Technology names was a key driver of outperformance. Conversely, Wellington Durable Enterprises was the largest detractor from relative performance. The fund aims to invest in stable businesses with the potential to deliver market returns at less risk than the market. Weaker than consensus earnings from high conviction Diversified Financials names detracted from relative performance over the month.
From a country perspective, the overweight to China was the top contributor to relative performance, while the fund’s overweight to Denmark was the top detractor. On a sector level, strong stock selection in Industrials was the top contributor to relative performance, whereas weaker stock selection in Consumer Discretionary was the largest detractor. The fund’s overweight to MarketAxess was the top driver of relative performance whereas the underweight to Tesla was the heaviest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-14.pdfDecember, 2022
2022 was a year unlike any other. It was initially predicted to be one of repair and recovery following the global pandemic, though it was found to be rather rife with political uncertainty, market volatility, interest rates, supply chain disruptions, and of course, resultant high inflation. As we move into 2023, indicators are that inflation may have peaked, with language from central banks now debating whether they will pivot or pause their rate hike strategies.
Australia
There is growing evidence the economy is starting to slow as the weight of this year’s rate hikes take a toll. Data released in December indicated retail spending fell in October for the first time this year as consumers remain deeply pessimistic about the economic outlook. Moreover, November’s inflation numbers unexpectedly showed an easing in price pressures. This data may be an early sign that inflation has started to roll over and that it will peak in the current quarter, as expected by policymakers. However, one month’s number is not enough to constitute a trend. Also, the monthly inflation measure is not as important as the quarterly inflation measure that the RBA focusses on, although it has been providing reliable guidance. Encouragingly, China has also further relaxed COVID-19 restrictions, supporting a further improvement in globalsupply chain disruptions. Furthermore, the unemployment rate fell to its lowest in nearly 50 years and the wage price index reveals an acceleration is underway in wages growth.
November, 2022
The BT Multi-Manager International Shares Fund returned 2.67% in November, outperforming the MSCI World ex-Australia Index by 0.66%. Equities continued to rise in November with sentiment improving following the release of the US CPI below expectations.
Further, third quarter earnings continued to prove resilient. Against this background, Wellington Global Opportunistic Value was the top contributor to relative performance. The strategy invests in companies that have sold off due to increased uncertainty. The manager’s overweight to China contributed positively as equities rebounded on expectations of an exit from the country’s Covid-zero policy. Conversely, Wellington Global Quality Growth was the largest detractor from the aggregate’s performance. The manager invests in companies with quality growth characteristics defined as high organic revenue growth rates and high and improving cash flow margins.
Negative stock selection in IT and Financials names detracted over the month, with additional headwinds from the strategy’s growth style exposure. From a country perspective, the overweight to China was the top contributor to relative performance, while exposure to Brazil was the top detractor from relative performance. On a sector level, effective stock selection in Consumer Discretionary names was the top contributor to relative performance, whereas weaker stock selection in Financials was the largest detractor. The fund’s underweight to Apple was the top driver of alpha over the month whereas the underweight to NVIDIA was the heaviest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-13.pdfOctober, 2022
The BT Multi-Manager International Shares Fund returned 7.2% in October, underperforming the MSCI World exAustralia Index by 0.61%. Global Equities rallied in October as investors started to question the Fed’s “higher for longer” mantra. These questions emerged as both supply chain constraints and demand showed early signs of easing. Further, third quarter earnings continued to prove resilient, with Energy companies surprising strongly to the upside. Against this background, Realindex was the top contributor to relative performance. The manager builds a portfolio based on accounting measures representative of fundamental value, independent of the benchmark. Strong stock selection in US Consumer Discretionary names proved a key driver over the month.
The fund’s Value tilt provided an additional tailwind as the factor meaningfully outperformed in October. Conversely, T. Rowe Price was the largest detractor from performance. The manager seeks out companies where the team has an insight on improving business fundamentals and prospects for accelerating returns on capital. The fund continued to face headwinds from the Growth factor which trailed the broader index in October. The fund’s contrarian exposure to China also detracted over the month.
From a country perspective, effective stock selection in the United States was the top contributor to relative performance, while the fund’s exposure to China was the top detractor from relative performance. On a sector level, strong stock selection in Health Care names was the top contributor to relative performance, while negative stock selection in Consumer Staples was the largest detractor. From a stock perspective, the fund’s underweight to Tesla was the top driver of relative performance whereas the overweight to Yum China Holdings was the heaviest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-12.pdfSeptember, 2022
The BT Multi-Manager International Shares Fund returned -2.88% in September, outperforming the MSCI World ex-Australia Index by 0.35%. Global Equities sold off in September as the economic outlook continued to deteriorate. Ongoing tightening from global central banks and concerns around Europe’s energy security contributed to weakening sentiment. This was further compounded late in the month by a diminished outlook for the United Kingdom, as the government announced expansionary fiscal policy that conflicted with the Bank of England’s monetary tightening.
Against this volatile backdrop, Wellington Durable Enterprises was the top contributor to relative performance. The fund invests in stable companies with earnings that are resilient to the business cycle. Strong stock selection drove outperformance over the month, with the fund’s high conviction names in Financials being particularly well rewarded. Conversely, T. Rowe Price was the largest detractor from performance. T. Rowe seeks out companies where the team has an insight on stable to improving business fundamentals and prospects for accelerating returns on capital. The fund’s allocation to China drove underperformance in September, with an added headwind from the fund’s exposure to long duration growth companies which also underperformed over the month.
From a country perspective, effective stock selection in the United States was the top contributor to outperformance, while the overweight to China was the top detractor. On a sector level, strong stock selection in Financials was the top contributor to relative performance, while weaker stock selection in Health Care was the largest detractor. The overweight to Charles Schwab was the top driver of relative performance while the underweight to Johnson & Johnson was the largest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-11.pdfAugust, 2022
The BT Multi-Manager International Shares Fund declined -2.01% in August, outperforming the MSCI World ex-Australia Index by 0.53%. Global equities sold off in August, driven by hawkish remarks from the US Federal Reserve Chairman, Jerome Powell, at the Board’s Jackson Hole symposium. Chair Powell indicated that monetary conditions would need to remain tighter for longer to bring inflation under control. This led to a reversal in global equities, which until this point had rallied over the month. Against this background, Realindex was the top contributor to relative performance. Realindex build a portfolio based on accounting measures representative of fundamental value, independent of the market benchmark. The strategy outperformed in August, driven by the fund’s overweight to Financials and effective stock selection in the Consumer Discretionary sector. Meaningful outperformance of the Value factor provided a further tailwind over the month. Conversely, GuardCap was the largest detractor. GuardCap is a high conviction strategy aimed at building a portfolio of companies with double digit long-term growth in earnings and cash flows with strong balance sheets. Negative stock selection in Bioscience and Pharmaceutical names detracted from relative performance in August. From a country perspective, the fund’s overweight to China was the top contributor to relative performance, while negative stock selection in the United Kingdom was the largest detractor from relative performance. On a sector level, strong stock selection in Financials was the top contributor to relative performance, whereas negative stock selection in Consumer Staples was the largest detractor. The overweight to Daiichi Sankyo was the top driver of relative performance while the overweight to Mastercard was the heaviest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-10.pdfJuly, 2022
The BT Multi-Manager International Shares Fund returned 4.87% in July, underperforming the MSCI World ex-Australia Index by 1.53%. Global equities rose strongly in July, as many markets rebounded from deep losses made over the last few months amid signs that inflationary pressures were easing, and corporate earnings might not be as bad as feared. Growth led market performance over the month, following comments from the Fed alluding to a reduction in the pace of rate hikes. Against this background, T. Rowe Price was the top contributor to relative performance. The strategy invests in companies with potential for accelerating returns on capital. This leads to growth bias in the fund, which was rewarded as growth meaningfully outperformed value over the month. Conversely, Wellington Global Opportunistic Value was the largest detractor. The fund invests in companies that have been sharply discounted by the market due to investor bias in dealing with uncertainty. In addition to the style headwind from value’s underperformance, stock selection detracted over the month. From a country perspective, strong stock selection in the United Kingdom was the top contributor to relative performance, while the fund’s underweight exposure to the US and negative stock selection within the country, was the top detractor. On a sector level, effective stock selection in Health Care was the top contributor to relative performance, whereas negative stock selection in Consumer Discretionary was the largest detractor. The Aggregate fund’s underweight to Johnson & Johnson was the top driver of relative performance from a stock perspective whereas the underweight to Apple was the largest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-9.pdfJune, 2022
The Advance International Shares Multi-Blend Fund declined 4.06% in June outperforming the MSCI World ex-Australia Index by 58 basis points. Global equities continued to sell off in June, as concerns around a central bank-induced recession continued to drive market sentiment lower. The peak inflation narrative dissipated over the month, as May US CPI at 8.6% once again set a multi-decade high, leaving investors unconvinced that policy makers can engineer a ‘soft landing.’
Against this background, GuardCap was the top contributor to relative performance. GuardCap uses a high conviction strategy aimed at building a portfolio that has double-digit long-term growth in earnings and cash flows with a strong balance sheet. This leads to a bias towards quality and growth factors, both of which outperformed over the month.
Conversely, Ardevora was the largest detractor from relative performance. Ardevora applies a framework based on cognitive psychology to identify risk management behavior and errors made by investors and analysts. Negative stock selection, particularly in Health Care and Materials weighed on performance over the month.
From a country perspective, the overweight in China was the top contributor to relative performance, while negative stock selection in the United States was the top detractor. On a sector level, strong stock selection in Financials was the top contributor to relative performance, whereas negative stock selection in Industrials was the largest detractor. The overweight to CME Group was the top driver of relative performance while the overweight to Booking Holdings was the largest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/Advance-International-Shares-Multi-Blend-Fund-factsheet-2.pdfMay, 2022
The BT Multi-Manager International Shares Fund declined 1.18% in May, underperforming the MSCI World ex-Australia Index by 0.35%. Global equities proved volatile in May as investors weighed persistent upside earnings surprises against negative forward guidance issued by companies. Lingering risk-off sentiment led to continued outperformance of defensive and value names over the month, further driven by a 50 basis points increase in rates from the US Federal Reserve. Against this background, Realindex was the top contributor to relative performance. Realindex build a portfolio based on accounting measures representative of fundamental value, independent of the benchmark. Outperformance was driven by the market rewarding value characteristics inherent in the fund. Conversely, GuardCap was the largest detractor from aggregate performance. GuardCap is a high conviction strategy aimed at building a portfolio that has double digit long-term growth in earnings and cash flows with a strong balance sheet.
This leads to a bias towards quality and growth factors, both of which detracted over the month. From a country perspective, the fund’s overweight to China was the top contributor to relative performance, while the overweight exposure to Denmark was the top detractor. On a sector level, effective stock selection in Information Technology was the top contributor to relative performance, whereas the underweight to Energy was the largest detractor. The aggregate fund’s underweight to Apple Inc. was the top driver of relative performance whereas the overweight to CME Group was the heaviest detractor
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-8.pdfApril, 2022
The BT Multi-Manager International Shares Fund returned -1.64% in April, outperforming the MSCI World ex-Australia Index by 1.53%. Equities faced renewed pressure in April as investors reduced exposure to risks assets in the face of rising yields. Defensive and Value names were beneficiaries over the month, with tightening financial conditions forcing a flight to safety as investors considered the potential for an impending recession. Against this background, Wellington Global Opportunistic Value was the top contributor to relative performance. The strategy invests in companies that have been discounted by the market due to investor bias in dealing with uncertainty. The performance in April was aided by the market rewarding companies with value characteristics. Conversely, T. Rowe Price was the largest detractor from the aggregate fund’s performance, with negative stock selection in Financials driving underperformance over the month.
From a country perspective the fund’s underweight to, and stock selection in, the United States was the top contributor to relative performance, while the fund’s exposure to Brazil was the largest detractor from relative performance. On a sector level effective stock selection in Information Technology was the top contributor to relative performance, while an underweight to, and negative stock selection in, Consumer Staples was the largest detractor. The aggregate fund’s zero-weight to NVIDIA Corporation was the top driver of relative performance while the overweight to Charles Schwab was the heaviest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-7.pdfMarch, 2022
The BT International Shares Multi-Blend Fund returned -2.75% in March underperforming the MSCI World ex-Australia Index by 1.86%. The conflict in Ukraine continued to drive a flight to safety in March, pushing all major US indices up for the month at the expense of Emerging Markets. Inflation and the Fed’s response continue to be watched closely, with uncertainty around the pace of rate hikes.
Against this background, active management struggled to generate excess returns with all managers underperforming. Wellington Global Opportunistic Value was the largest detractor from the aggregate’s performance. The fund invests in companies that have been sharply discounted by the market due to investor bias in dealing with uncertainty. The small allocation to China was a significant detractor as the Chinese market sold off in response to the conflict in Ukraine and the potential economic impact of China’s zero covid policy.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-6.pdfFebruary, 2022
The BT International Shares Multi-Blend Fund detracted by 4.66% in February, outperforming the MSCI World exAustralia Index by 0.86%. Concerns over rising inflation and subsequent interest rate rises dominated markets early in the month and drove relative sector and style performance. Towards the end of the month, Russia’s invasion of Ukraine sent shockwaves through markets. While Russia and Ukraine contribute little revenue exposure to the index, risks come from rising energy and commodity prices and the flow on impact for interest rates. Against this background, Wellington Global Opportunistic Value was the top contributor to relative performance. The strategy aims to find opportunities in out-of-favour companies. Relative performance in February was driven by effective stock selection within Communication Services. Conversely, Wellington Global Quality Growth was the largest detractor. The strategy was negatively impacted by the continued rotation away from growth, with stock selection in Information Technology the largest detractor.
North America was the top contributor to relative performance of the BT Multi-Manager Shares fund on a regional level, while the fund’s exposure to the United Kingdom was the largest detractor. From a sector perspective, positive stock selection in Financials was the fund’s top contributor to outperformance while the underweight to Energy detracted the most, against a backdrop of rising prices and supply uncertainty. The portfolio’s underweight to Meta was the top driver of relative performance whereas the position in Sberbank was the largest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-1-1.pdfJanuary, 2022
The Advance International Equities Multi-Blend Fund returned -2.82% in January, underperforming the MSCI World ex-Australia Index by 0.62%. Global equities declined as the market digested the high December inflation numbers and hawkish Fed commentary. The subsequent rise in real yields led to Energy and Financials as the only sectors to deliver positive returns.
Against this background, Wellington Global Opportunistic Value was the top contributor to relative performance. The manager’s approach of investing in companies trading at discounted valuations was rewarded in January, as the portfolio became a beneficiary of the rate-induced flight away from expensive companies. Ardevora was the largest detractor partly due to a structural underweight to Energy and Financials and weak stock selection in Information Technology.
Hong Kong was the top contributor to relative performance on a country level, while the fund’s exposure to United States detracted most significantly. From a sector perspective, stock selection in the Consumer Discretionary sector was the top contributor to relative performance while the underweight to Energy names was the largest detractor. The portfolio’s underweight to NVIDIA Corporation was the top driver of relative performance whereas the underweight to Apple was the largest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/Advance-International-Shares-Multi-Blend-Fund-factsheet-1.pdfDecember, 2021
The BT Multi-Manager International Shares Fund returned 2.21% in December, outperforming the MSCI World exAustralia Index by 0.53%. The market gained as early indications suggested the Omicron variant caused less severe disease. Markets were also driven by monetary policy concerns, with the Federal Reserve making a hawkish pivot in response to increased inflation. The market responded with a sell-off in Growth names in favour of Value. Against this background, Wellington Global Opportunistic Value and GuardCap were the top contributors to outperformance in December. Effective stock selection, particularly in the United States, proved to be the primary driver of relative performance of both funds. T. Rowe Price’s Global Focussed Growth strategy was the largest detractor over the month. The manager is focussed on finding companies with accelerating returns on capital. The flight from Growth names weighed on relative performance. Negative stock selection in IT and Industrials also impacted the strategy’s returns
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-5.pdfNovember, 2021
The Advance International Shares Fund returned 1.93% in November, underperforming the MSCI World ex-Australia Index in AUD by 1.77%. The benchmark advanced in early November, once again led by a concentrated group of technology stocks. As the month progressed, the focus turned to inflation, with US CPI reaching 6.2% YoY to October, the highest figure in over 30 years. This prompted fears of less accommodative monetary policy, with expectations that the Fed may taper more aggressively and wind down asset purchases sooner than expected. In the closing days of November, a new variant of Covid emerged, weighing on sentiment in equity markets.
Managers largely underperformed the benchmark over the month. Wellington Global Quality Growth was the top contributor to relative performance, with strong stock selection in Communication Services, Financials and Utilities driving performance. Wellington Global Opportunistic Value was the largest detractor from the aggregate portfolio partly due to the fund’s underweight to mega cap growth names that contributed over a third of the benchmark’s returns in November.
From a country perspective, stock selection in Germany was the largest contributor to aggregate portfolio performance whereas negative stock selection in the US was the largest detractor. The aggregate fund’s underweight to Energy was the largest sector contributor to relative performance whereas the underweight to Information Technology was the key detractor. The fund’s underweight to PayPal Holdings was the largest individual contributor to relative performance whereas the underweight to Apple was the largest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/Advance-International-Shares-Multi-Blend-Fund-factsheet.pdfOctober, 2021
The BT Multi-Manager International Shares Fund returned 0.41% in October, underperforming the MSCI World exAustralia Index in AUD by 1.24%. Global equities gained in October, bolstered by strong corporate earnings, and easing concerns around China’s property sector. Inflation has increased across developed markets, placing a focus on central banks for indications of tightening monetary policy. Guardcap was the largest contributor to relative performance, as the quality bias helped given investor concerns around inflation and interest rate rises. Wellington Global Opportunistic Value was the largest detractor over the month, with underperformance driven by poor stock selection within the IT sector.
On a country level, positive stock selection in Japan was the largest contributor to relative performance, with negative stock selection and an underweight to the US being the largest detractor. Positive stock selection within the Healthcare sector was the top contributor to relative performance, with negative stock selection and underweight to IT being the largest detractor on a sector level. On a stock level, an overweight to UnitedHealth Group was the most significant driver of performance over the month, whereas a zero-weight position in Tesla was the largest detractor.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-4.pdfAugust, 2021
The BT Multi-Manager International Shares Fund returned 2.43% in August, underperforming the MSCI World ex-Australia Index in AUD by 0.67%. Despite the rising spread of the Delta variant, global equities delivered strong returns over the month as central banks remain supportive. T Rowe Price was the top contributor to relative performance.
The strategy is focused on finding companies with improving business fundamentals and prospects for accelerating returns on capital over a 12 to 24-month time horizon. Strong stock selection within fast growing financials (Charles Schwab and HDFC) and Communication services helped drive outperformance. Wellington Durable Enterprises was the top detractor. The strategy invests in businesses that tend to be more stable than the market appreciates. They are often small to mid-capitalisation companies in unfashionable or volatile sectors. The strategy typically underperforms in strongly trending markets particularly those driven by mega-cap stocks.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-3.pdfJuly, 2021
The BT Multi-Manager International Shares Fund returned 1.61% (net) in May, outperforming the MSCI World exAustralia Index in AUD by 0.42%. Rising inflation expectations have helped support shorter-duration inflation beneficiaries like commodities and value stocks, while mega cap growth stocks sold off.
Manager performance was mostly positive. Realindex, a quantitative manager who build portfolios based on accounting measures representative of fundamental value, was the largest contributor. Following a weak April, the market rotation back to cyclical value, and Europe’s outperformance, drove strong relative returns. Ardevora was the largest detractor from relative performance due to negative stock selection in Healthcare and an underweight to Financials.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-2.pdfMay, 2021
The BT Multi-Manager International Shares Fund returned 1.61% (net) in May, outperforming the MSCI World exAustralia Index in AUD by 0.42%. Rising inflation expectations have helped support shorter-duration inflation beneficiaries like commodities and value stocks, while mega cap growth stocks sold off.
Manager performance was mostly positive. Realindex, a quantitative manager who build portfolios based on accounting measures representative of fundamental value, was the largest contributor. Following a weak April, the market rotation back to cyclical value, and Europe’s outperformance, drove strong relative returns. Ardevora was the largest detractor from relative performance due to negative stock selection in Healthcare and an underweight to Financials.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet-1.pdfFebruary, 2021
The BT Multi-Manager International Shares Fund returned 3.51% (net) in February, outperforming the MSCI World ex-Australia Index (the index) in AUD by 1.87%. The index was up 1.64% in AUD terms. February was another month of strong performance for global equities, with ongoing fiscal and monetary stimulus, while vaccination rates increase worldwide. Later in the month there was a spike in volatility due to surging bond yields prompted by inflationary concerns. At the underlying fund manager level, the results were mainly positive. T. Rowe Price was the largest positive contributor to relative performance benefiting from successfully rotating the portfolio to companies that will outperform post-covid such as Southwest Airlines. On the other side, Ardevora was the largest detractor due to the portfolio’s structural underweight to Financials, which although helped over 2020, impacted relative performance over February as the sector outperformed. From a regional perspective, results were all positive.
Positive stock selection in Developed Markets was the most significant contributor to relative returns. This was driven by strong stock selection in the United States. In terms of the overall sector view, the largest positive contributor was from an underweight to and positive stock selection in Information Technology. The largest detractor was the underweight to Energy. At a stock level, the largest positive contributors were the underweight to Apple and overweight to Charles Schwab Corporation, while the largest detractors were underweight holdings in Alphabet and Exxon.
File: https://commentary.quantreports.net/wp-content/uploads/2021/04/BT-Wholesale-Funds-BT-Wholesale-Multi-manager-International-Share-Fund-BTA0261AU-factsheet.pdfasset_class:
asset_category:
peer_benchmark:
broad_market_index:
manager_contact_details: Array
ticker: BTA0261AU
release_schedule: Monthly
structure: Managed Fund
commentary_block: Array
factsheet_url:
fund_features:
BT Wholesale Multi Manager International Share aims to provide investors with a total investment return (before fees and taxes) that outperforms the benchmark over periods of five years or longer. The Fund allows you to select a single investment option that diversifies across investment managers and investment management styles. This diversification helps reduce overall risk and aims to improve consistency of returns by minimising the impact on overall performance resulting from any one style or manager